Create a fixed asset record
Record the asset’s basis and depreciation details without duplicating its purchase.
On this page
Prepare purchase records, in-service date and the basis, land value and useful life agreed with your bookkeeper.
Review the purchase
Open Tracking > Fixed assets and check for an existing asset and booked purchase. Identify the property and actual acquisition details.
Enter the asset
Use Add fixed asset and enter the offered name, property, cost basis, in-service date, useful life and method. Keep nondepreciable land separate from the depreciable basis.
Review the saved record
Save and inspect the register and schedule. Review the purchase booking, opening balance and any prior depreciation separately so the new record does not duplicate earlier amounts.
Check the result
- The fixed asset register shows the saved basis and schedule details, with prior entries reviewed separately.
FAQs
Does creating an asset pay for it?
No. This records the asset. Check the actual purchase and its bookkeeping entry separately.
How do I enter an asset bought before this year?
Review historical depreciation fields and the opening balance. Use your existing records and avoid posting an earlier deduction twice.